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What is income Tax expense a percetage of?
I have an adjusting journal entry that says Income Tax Expense is .32 with no extraordinary or unusual items to consider in this calculation. What is this a percentage of? What is the calculation?
I have the entry as a debt to Income Tax Expense and a Credit to Income Tax Payable.
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do i have to file city income tax for chicago?
I am originally from Ohio and I’m pretty sure we had to file city, state and federal taxes individually. In Chicago though I don’t know if I have to or not. I have filed federal and state but all of my searches online for city taxes have only turned up info for property taxes. I used to have my taxes prepared for me in Ohio but they don’t know Illinois tax laws.
I do not own a house or business either. Just wondering how the tax system works out here and whether federal and state is all I am required to file for.
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Injured Spouse Allocation, can tax credits for children be allocated to a spouse with no income?
My wife and I file jointly and our refund is being taken for offset. I owe money towards a federal student loan but would have a nice tax return because of the earned income credit and the child tax credit. Can the child tax credit be allocated to my wife on form 8379? I understand the income credit being tied to my income, but is the child tax credit tied to me as well?
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Tax on joint interest income for couples living in different states?
I live in CA and my wife lives in NJ. We have a joint account with a CA credit union. Now CA only taxes the interest of CA residents. Since my wife’s non-CA income also contributes to this interest, how should I split it for tax purposes?
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